The United States and other members of the International Energy Agency are releasing 60 million barrels of oil from their strategic petroleum reserves after crude prices surged following Russia's invasion of Ukraine.
That represents just 12 days' worth of Russian oil exports, and by itself, the move is seen as unlikely to significantly bring down oil prices. In fact, crude prices continued to rise despite the news — the global benchmark, Brent, soared past $107 a barrel to set a seven-year high.
This time around the U.S. will release 30 million barrels from its reserves as part of the IEA action with 30 other countries. However, traders and analysts report that financial sanctions on Russia and concerns over the risk of future energy sanctions are already slowing down the sale of Russian oil and gas, though not stopping it completely.
"We are prepared to use every tool available to us to limit disruption to global energy supply as a result of President Putin's actions," White House press secretary Jen Psaki said in a statement Tuesday.
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